11 November 2025
Contributor: Euan Small
7 November 2025
Contributor: Thomas Boyle
Browse our articles, insights and guides.
Founders seeking equity investment should understand The British Private Equity & Venture Capital Association’s model documents for early-stage investments.
The British Private Equity & Venture Capital Association (or BVCA) recently changed its model documents concerning early-stage investments. We’ve created a series of videos highlighting what investors and founders need to know.
You can also read our article on the subject here.
Stephen Trombala, a Partner in our Corporate Finance team, gives an explanation of the BVCA model document changes and why they are necessary at this time.
John Morrison, a Partner in our Corporate Finance team, covers the changes introduced to warranties and what impact this will have on founders and investors.
Cath Macrae, Associate in our Corporate Finance team, discusses some of the key changes to be aware of and the impact that they will have on companies preparing for future funding rounds.
Cameron Kane, a Senior Solicitor in our Corporate Finance team, discusses what considerations have been been made for environmental, social, and governance policies (ESG) in the updated documents.
Christina Sinclair, Senior Professional Support Lawyer, discusses the changes to leaver provisions. Leaver provisions are likely to remain one of the key areas of negotiation in any funding round.
Sophie Bailey, Senior Associate in our Corporate Finance team, covers the changes to drag-along rights. The updated documents set the threshold of who can exercise these rights at a simple majority of shares in the company.
Tom Swan, Partner in our Corporate Finance team, covers the changes to the waterfall provisions or “returns stack” and what this means for shareholders.
In the final video of our series, Partner Stephen Trombala highlights two areas of debate that could arise due to the recent BVCA model document changes.
